Australian firm Slater & Gordon slashed 640 jobs in the UK on the back of its troubled acquisition of the professional services arm of ill-fated insurer Quindell.
According to a report at The Lawyer
, the firm closed four offices in the UK, with branches in Halifax, Derby, Bristol and Failsworth all shutting their doors; while its headcount dropped from 3,950 to 3,310 in the UK. Job losses here come in addition to 5% of its Australian workforce being cut and six offices closing across that country.
In August we revealed Slater & Gordon’s financial results
, which were described as “poorer than expected”. The firm made a loss of A$1.02 billion in the 2015-16 fiscal year, with the losses largely blamed on its £700 million acquisition of Quindell.
Quindell reportedly overstated its profits prior to the purchase which led to an investigation by the Serious Fraud Office.
Slater & Gordon is now said to be considering suing the Watchstone Group
for the losses associated with its acquisition of the professional services arm of Quindell. Watchstone Group is the rebranded name of Quindell.
Watchstone Group faces legal action after botched acquisition
Slater & Gordon hit by losses after purchase of Quindell